he National Bank of Ukraine has updated the list of settlement and cash operations that are not subject to taxation. The NBU has issued NBU Board Resolution No 73 of 1 August 207 to this effect.

Pursuant to this resolution, such operations shall include:

• opening and closing of accounts in domestic and foreign currencies for bank customers (individual and corporate customers);
• the execution of documents or payment confirmation for customers;
• execution of customers’ payments;
• operations involving the settlement of transactions;
• cash operations for customers;
• operations with special means of payment;
• transactions with bills of exchange; and
•  e-money transactions.

The NBU considers that the updated list of operations will enable banks to adequately record settlement and cash transactions  that are not subject to taxation. This will help banks avoid making errors and facing penalties during inspections conducted by the State Fiscal Service.